Penumbra (NYSE:PEN) Price Target Raised to $340.00 at Canaccord Genuity Group

Penumbra (NYSE:PEN) had its price objective boosted by Canaccord Genuity Group from $323.00 to $340.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 12.87% from the company’s previous close.

Several other analysts also recently weighed in on the company. BTIG Research lifted their target price on Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Oppenheimer initiated coverage on Penumbra in a research note on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price target on the stock. UBS Group increased their price objective on shares of Penumbra from $305.00 to $320.00 and gave the stock a “buy” rating in a research report on Wednesday. Piper Sandler reissued an “overweight” rating and set a $330.00 price objective (up previously from $250.00) on shares of Penumbra in a research report on Wednesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research report on Wednesday. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $280.79.

Penumbra Stock Performance

Shares of NYSE PEN traded up $30.08 during mid-day trading on Wednesday, hitting $301.22. The company had a trading volume of 503,632 shares, compared to its average volume of 477,985. The stock has a market cap of $11.56 billion, a price-to-earnings ratio of 347.89, a PEG ratio of 1.97 and a beta of 0.53. Penumbra has a 12 month low of $148.00 and a 12 month high of $304.74. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The firm’s 50 day simple moving average is $256.15 and its two-hundred day simple moving average is $225.97.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.09. The business had revenue of $315.52 million for the quarter, compared to the consensus estimate of $311.63 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. As a group, equities research analysts forecast that Penumbra will post 2.81 earnings per share for the current year.

Insider Transactions at Penumbra

In other Penumbra news, Director Harpreet Grewal sold 167 shares of Penumbra stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $241.28, for a total transaction of $40,293.76. Following the sale, the director now owns 8,530 shares of the company’s stock, valued at $2,058,118.40. The trade was a 1.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Lambert Shiu sold 1,798 shares of Penumbra stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $242.56, for a total transaction of $436,122.88. Following the sale, the chief accounting officer now owns 20,682 shares of the company’s stock, valued at approximately $5,016,625.92. This represents a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,219 shares of company stock valued at $4,426,439 over the last three months. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Large investors have recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Penumbra by 2.1% in the 3rd quarter. FMR LLC now owns 5,896,396 shares of the company’s stock valued at $1,145,729,000 after purchasing an additional 121,465 shares during the period. Champlain Investment Partners LLC boosted its stake in Penumbra by 20.6% in the third quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock worth $300,786,000 after purchasing an additional 264,122 shares in the last quarter. State Street Corp raised its position in shares of Penumbra by 0.3% during the third quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after acquiring an additional 3,863 shares during the last quarter. RTW Investments LP increased its holdings in Penumbra by 8.4% in the fourth quarter. RTW Investments LP now owns 862,450 shares of the company’s stock valued at $204,815,000 after purchasing an additional 66,700 shares during the last quarter. Finally, Baillie Gifford & Co. grew its stake in Penumbra by 23.4% in the fourth quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock valued at $173,416,000 after acquiring an additional 138,387 shares during the period. 88.88% of the stock is currently owned by institutional investors.

Penumbra Company Profile

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.